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2The 2017 Lipper Fund Awards were awarded on March 23, 2017, and based on risk-adjusted returns as of November 30, 2016.

3The market indexes are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index. There have been periods when the fund has lagged the index.

Returns shown have all distributions reinvested. If a sales charge had been deducted, the results would have been lower.

Returns are average annual total returns for benchmark indexes and average annual excess total returns for funds' Class R-6 shares from fund inception through 12/31/16. The 17 American Funds equity-focused underlying funds and the relevant index/index blends with which they were compared are as follows: AMCAP, GFA, NEF, AMF, FI, ICA and WMIF (Standard & Poor’s 500 Index); NPF (MSCI All Country World Index. Prior to 10/1/11, the fund was compared to the MSCI World Index); IFA (65% Standard & Poor’s 500 and 35% Bloomberg Barclays U.S. Aggregate indexes); AMBAL (60% Standard & Poor’s 500 and 40% Bloomberg Barclays U.S. Aggregate indexes); EUPAC (MSCI All Country World ex USA Index. Prior to 4/1/06, the fund was compared to the MSCI EAFE Index); CIB (70% MSCI All Country World and 30% Bloomberg Barclays U.S. Aggregate indexes); SCWF (MSCI ACWI Small Cap Index. Prior to 10/1/09, the fund was compared to the S&P Global < $3 Billion Index); WGI (MSCI All Country World. Prior to 12/1/11, the fund was compared to the MSCI World Index); NWF (MSCI All Country World Index); IGI (MSCI All Country World ex USA Index. Prior to 7/1/11, the fund was compared to the MSCI EAFE Index); and GBAL (60% MSCI All Country World and 40% Bloomberg Barclays Global Aggregate indexes). All relevant indexes and index blends listed are or include funds’ primary benchmarks.

Bloomberg® is a trademark of Bloomberg Finance L.P. (collectively with its affiliates, “Bloomberg”). Barclays® is a trademark of Barclays Bank Plc (collectively with its affiliates, “Barclays”), used under license. Neither Bloomberg nor Barclays approves or endorses this material, guarantees the accuracy or completeness of any information herein and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.

MSCI has not approved, reviewed or produced this report, makes no express or implied warranties or representations and is not liable whatsoever for any data in the report. You may not redistribute the MSCI data or use it as a basis for other indices or investment products.

Morningstar’s criteria are as follows (fund eligibility changes as criteria change, as noted in brackets): (1) Fund must have outperformed its prospectus benchmark over the tenure of the longest tenured manager; minimum of five years required. Test was run using returns through August 2016; (2) expenses must be in cheapest quintile of category; (3) Parent Grade must be positive [2012: neutral or better]; (4) manager investment in fund must be more than $1,000,000 [2012-2014: $500,000]; (5) fund must be a “medalist” (rated Bronze, Silver or Gold) [2012: n/a]; (6) Morningstar Risk rating must be below High [2012-2013: n/a]. Using these criteria, the tool filtered 45 out of nearly 8,000 funds, excluding true institutional funds [2012: no exclusion for institutional funds], for all share classes in Morningstar database, as of August 2016; 11 of the 45 were American Funds. Additional criteria: 2012—positive people score required; 2015—cheapest retail share class selected; 2016—returns over benchmark gauged vs. category benchmark, not prospectus benchmark.

Not all 11 funds listed in the “Fantastic 45” are in each target date fund. Underlying funds may change over time.

6Based on Class R-6 share results for rolling periods through December 31, 2016. Periods covered are the shorter of the fund’s lifetime or since the comparable Lipper inception date (except Capital Income Builder and SMALLCAP World Fund, for which the Lipper average was used).

7Allocations shown reflect the funds’ target allocations for January 1, 2017. The funds’ investment adviser anticipates that the funds will invest their assets within a range that deviates no more than 10% above or below the allocations shown. Allocation percentages and underlying funds are subject to the Portfolio Oversight Committee’s discretion and may change over time. For quarterly updates of fund allocations, visit americanfundsretirement.com.

8Results as of March 31, 2017. Percentile rankings for one-, three- and five-year periods calculated by Morningstar. Ten-year rankings calculated by Capital Group, using data obtained from Morningstar.

Rankings are based on the funds’ average annual total returns (Class R-6 shares at net asset value) within the applicable Morningstar categories. The Morningstar rankings do not reflect the effects of sales charges, account fees or taxes. Past results are not predictive of results in future periods. Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The Morningstar category average includes all share classes for the funds in the category. While American Funds R-6 shares do not include fees for advisor compensation and service provider payments, the share classes represented in the Morningstar category have varying fee structures and can include these and other fees and charges resulting in higher expenses.

Figures shown are past results and are not predictive of results in future periods. Current and future results may be lower or higher than those shown. Share prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely.View fund expense ratios and returns.

Investments are not FDIC-insured, nor are they deposits of or guaranteed by a bank or any other entity, so they may lose value.

Investors should carefully consider investment objectives, risks, charges and expenses. This and other important information is contained in the fund prospectuses and summary prospectuses or the collective investment trust's Characteristics statement, which can be obtained from a financial professional, Capital or your relationship manager, and should be read carefully before investing.

Investing outside the United States involves risks, such as currency fluctuations, periods of illiquidity and price volatility, as more fully described in the prospectus. These risks may be heightened in connection with investments in developing countries. Small-company stocks entail additional risks, and they can fluctuate in price more than larger company stocks.

The return of principal for bond funds and for funds with significant underlying bond holdings is not guaranteed. Fund shares are subject to the same interest rate, inflation and credit risks associated with the underlying bond holdings. Lower rated bonds are subject to greater fluctuations in value and risk of loss of income and principal than higher rated bonds. Funds of funds’ bond ratings relate to the securities held by the portfolios' underlying mutual funds; if agency ratings of those holdings differ, the security will be considered to have received the highest of those ratings.

For more information about the risks associated with each fund or underlying fund, go to its detailed fund information page or read the prospectus. Investment allocations for funds of funds may not achieve fund objectives. There are expenses associated with the underlying funds in addition to fund-of-funds expenses. The funds' risks are directly related to the risks of the underlying funds, as described herein. Although the target date funds are managed for investors on a projected retirement date time frame, the funds' allocation strategy does not guarantee that investors' retirement goals will be met. The target date is the year in which an investor is assumed to retire and begin taking withdrawals. American Funds investment professionals manage the target date fund's portfolio, moving it from a more growth-oriented strategy to a more income-oriented focus as the fund gets closer to its target date. Investment professionals continue to manage each fund for 30 years after it reaches its target date.

We offer a range of share classes designed to meet the needs of retirement plan sponsors and participants. The different share classes incorporate varying levels of advisor compensation and service provider payments. Because Class R-6 shares do not include any recordkeeping payments, expenses are lower and results are higher. Other share classes that include recordkeeping costs have higher expenses and lower results than Class R-6.

Investment results assume all distributions are reinvested and reflect applicable fees and expenses.

For the following funds, the investment adviser is currently reimbursing a portion of the funds' fees or expenses, without which the results would have been lower and net expenses higher.

- American Funds U.S. Government Money Market Fund is currently reimbursing a portion of the fund's fees and expenses. Please see the Financial Highlights table in the fund’s most recent prospectus for details.

- American Funds Corporate Bond Fund, American Funds Emerging Markets Bond fund, American Funds Strategic Bond Fund, American Funds Retirement Income Portfolio Series funds and American Funds 2060 Target Date Retirement Fund are currently reimbursing a portion of other expenses through at least January 1, 2018.

The investment adviser may elect at its discretion to extend, modify or terminate the reimbursements at that time. Please see each fund's most recent prospectus for details.

The Capital Group companies manage equity assets through three investment groups. These groups make investment and proxy voting decisions independently. Fixed income investment professionals provide fixed income research and investment management across the Capital organization; however, for securities with equity characteristics, they act solely on behalf of one of the three equity investment groups.

Fund results for periods before a share class was sold are hypothetical. These hypothetical returns were calculated by adjusting Class A share results without a sales charge for the difference between the Class A share expense ratio and the estimated expense ratio for the share class as of the date of first sale.